BENEFITS

Free 60-day rate lock*

This mortgage can be eligible for the PenFed Real Estate Rewards Program. When you use a network real estate agents and our preferred title providers to buy your next home using certain types of mortgages, you could save up to $10,000 in closing costs or thousands of dollars on origination fees.

LOAN FEATURES

DISCLOSURES

Investment properties not eligible for offers.

All Fixed Rate Mortgage Programs: The application of additional loan level pricing adjustments will be determined by various loan attributes to include but not limited to the loan-to-value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.

NOTE: A 1% origination fee applies to this loan. The origination fee may be waived by adding 0.250% to the selected rate. Points are the responsibility of the borrower and not covered in promotions.

Jumbo Mortgages: For loan amounts above $417,000 to $2,000,000. The maximum loan-to-value (LTV) is 80% and the maximum combined loan-to-value (CLTV) is 90%. The maximum LTV and CLTV for condominiums is 80%.

The applicant is responsible for the following fees and costs at the time of closing: Origination fee, appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves and interest due until first payment, other cost may be included due to program specific circumstances. This is not intended to be an all-inclusive list.

Additional reserve requirements may apply.

If you withdraw an application and then reapply within 90 days from the date the application was withdrawn, the new application is subject to the previous application’s rate lock policy.

Escrows may be waived if LTV is 80% or less in all states.

All rates and offers are in effect as of December 2016, offered for a limited time and subject to change without notice. Restrictions apply to existing PenFed mortgage borrowers. Other restrictions may apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

What types of mortgages are there?

Fixed Loan

WHAT IS A FIXED MORTGAGE?

In a fixed mortgage, your monthly principal and interest payments remain the same for the life of the loan, usually 15 or 30 years. A 30-year mortgage will have lower monthly payments, but the 15-year allows you to repay the loan twice as fast, saving more than half the total interest costs.

WHEN IS IT IDEAL?

If you plan to stay in your house for many years, a 30-year mortgage can help you afford a bigger or more expensive property and still have plenty of time to build up equity in it.

WHAT IS AN ADJUSTABLE RATE MORTGAGE?

In an adjustable rate mortgage, your monthly principle and interest payments remain the same for only a certain number of years. If you don’t refinance prior to the end of the first payment term, the rate can go up or down based on the market.

WHEN IS IT IDEAL?

If you plan to move or refinance before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you.

PENFED OFFERS

What types of mortgages are there?

WHAT IS A FIXED MORTGAGE?

In a fixed mortgage, your monthly principal and interest payments remain the same for the life of the loan, usually 15 or 30 years. A 30-year mortgage will have lower monthly payments, but the 15-year allows you to repay the loan twice as fast, saving more than half the total interest costs.

WHEN IS IT IDEAL?

If you plan to stay in your house for many years, a 30-year mortgage can help you afford a bigger or more expensive property and still have plenty of time to build up equity in it.

WHAT IS AN ADJUSTABLE RATE MORTGAGE?

In an adjustable rate mortgage, your monthly principal and interest payments remain the same for only a certain number of years (usually 5 or 15). If you do not refinance prior to the end of the fixed rate, the rate can go up or down based on the market at the time.

WHEN IS IT IDEAL?

If you plan to move or refinance before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you: do you expect to easily be able to sell your home at a profit before the term adjusts.

Estimated Market Value of Property

$

Mortgage Balance

$

Loan to Value Factors *

Requested Loan Amount

$

Term of Loan

Years

Your Interest Rate

Monthly Payment

* In Texas, the maximum owner occupied LTV allowed is 80% and non-owner occupied is LTV 75%. Additional restrictions apply in Texas, so please ask a representative for details. In states other than Texas, the maximum owner occupied LTV is 90% and non-owner occupied LTV is 80%. The maximum LTV for a condominium in all states is 70%.

Members: Open an ESA

If you have a Coverdell ESA with PenFed and would like to open an ESA Certificate, please call a member service representative at 1-800-247-5626.

Not Yet a PenFed Member?

Become a member and take advantage of products and exclusive offers!

To join, you need only fulfill two requirements:

Determine your eligibility

Open a Regular Share Account with at least $5

Defender Card Eligibility

In order to apply for the PenFed Defender Card at least one applicant
must be in an active military service status, a member of the Reserves or National
Guard, or an honorably discharged US military veteran.

Are you or your co-borrower one of the following?

Honorably discharged US Military Veteran

Please indicate your date of separation (mm/dd/yyyy):
/
/

Active in US Military

Please list your current unit:

Member of the National Guard

Please list your current unit:

Member of the Reserves

Please list your current unit:

None of the above

Card Application

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